Daily Recap — April 21

Lead stories

Russia’s State Duma passed in the first reading a bill to legalize the crypto market

Hyperliquid generates 18x more revenue per employee than Anthropic — $78M vs $4.4M. Tether is also among the leaders with about $17.3M per employee

Russians are increasingly moving into cash — in early April alone, money in circulation вырос by about ₽470B, nearing ₽20T

Uzbekistan approved the creation of its first mining zone — Besqala Mining Valley, offering tax incentives and cheap energy

Since 2022, the crypto market has lost over $13B to hacks — major cases include Ronin Network ($612M), Poly Network ($611M), and Bybit ($1.4B)

Arbitrum froze 30,766 ETH (~$71M) linked to the KelpDAO exploit

Vitalik Buterin stated that Ethereum is not trying to become the fastest network or compete with exchanges — its main goal is to remain secure, decentralized, and resilient

Kalshi and Polymarket plan to launch crypto futures trading

Tether minted another 1B USDT

In Nizhny Novgorod Oblast, a депутат illegally tapped into the power grid and mined about ₽30M worth of crypto, but was declared mentally unfit and exempted from liability

Vitalik Buterin made another notable appearance at a crypto event in Hong Kong

Up to 85% of spot trading volume on top CEXs is conducted through stablecoin pairs rather than BTC or fiat

A Poltava city council deputy was accused of hiding $7.7M in crypto assets — he faces up to 8 years in prison

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